China to give E Europe US$10 bil credit line
Wen, in Poland as part of a European tour, also said the global economic situation had been improving this year, but that the recovery was still fragile, the China Post reports.
"The global economic situation has shown some improvement so far this year, but the basis for such recovery is fragile and there are still relatively big uncertainties," Wen told an economic forum in Warsaw, bringing together Eastern European countries from Estonia in the north to Macedonia in the south.
"The Chinese side understands concerns among Eastern European countries over trade imbalances and will boost imports from those countries," he said. Wen was a member of the last Chinese prime ministerial delegation to visit Poland in 1987.
China is also ready to seal currency swap agreements and conduct trade settlements in local currencies with its eastern and southeastern European partners, and wants to launch a dedicated US$10 billion credit line for them, as well as a special investment fund worth US$500 million initially, Wen said.
Cash-rich China has signed a string of bilateral currency agreements, including with Mongolia and Kazakhstan, to promote the use of Chinese yuan in cross-border trade and investment.
The CEEU/SEEU fund will offer loans on favorable terms to support infrastructure, high-tech and green energy projects.
For full version http://www.chinapost.com.tw/international/europe/2012/04/27/339261/China-to.htm
